3590 Virginia Ave Collinsville, VA 24078

Property Details for 3590 Virginia Ave

Year built

2008

Lot size

1.59 lot acres

Property size

14,724 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a 14,724-square-foot Walgreens pharmacy located at 3590 Virginia Ave, Collinsville, VA 24078. Boasting a strong 6.25% cap rate and a substantial net operating income (NOI) of $244,530, this property offers a secure, long-term investment. The absolute NNN lease with Walgreens, a corporate guarantor, extends until February 28, 2039, providing a remaining lease term of 14.3 years with 5% rent bumps every 5 years. Situated on a 1.59-acre lot with 70 parking spaces, the property benefits from excellent visibility at a signalized intersection of Virginia Ave and King Mountain Rd, experiencing a combined 36,000 vehicles per day. Its prime location is complemented by proximity to Sovah Health - Martinsville, Bassett High School, and Blue Ridge Airport, as well as numerous other retail establishments including Dollar General, Family Dollar, and fast-food restaurants. Built in 2008, this property represents a top-performing Walgreens location, ranking in the 74th percentile of Walgreens stores in Virginia according to Placer.ai data. The property's 100% occupancy and strong tenant commitment underscore its exceptional investment potential. This is a rare opportunity to acquire a high-performing, net-leased Walgreens property with significant long-term growth prospects.

Location Insight

City

Collinsville

County

Henry

State

Virginia

Longitude

-79.918

Latitude

36.7286